delaware valley law firm marketing group sally schmidt, schmidt marketing, inc. november 28, 2006
TRANSCRIPT
Selling vs. Marketing
Identifying targets Researching targets Developing the sales strategy Drafting boilerplate proposals or
pitches Drafting customized proposals or
pitches Going on business development calls
Marketing: Strategic Umbrella
E x tern al C o m m u n icatio n san d R elatio n s
B u sin ess D evelo p m en t
In tern al C o m m u n icatio n san d R elatio n s
P lan n in g an d S trategy
R esearch an dD evelo p m en t
S u p p o rt an dA cco u n tab ility
M an agem en t an dA d m in is tra tio n
M ark etin g
Positioning vs. Business Development
Positioning: Making the “short list”
Business development/Sales: Relationships
The Disconnect Seminar Newsletter Client event Web site Materials Public relations Advertising
Business in the door
The Seminar: Marketing vs. Sales Develop concept Issue invitations Make logistic
arrangements Create materials Prepare
presentations and PowerPoint slides
Prepare evaluation form
Determine the target audience
Engage them—pre-survey
Engage them at the meeting
Survey their reactions/needs
Follow up in a meaningful way
Seminar Follow Up—Business Development Style
Passive/ineffective: “Thank you for coming” letter
Active/effective: Host follow-up roundtables Offer to give an on-site workshop Send follow-up information on the
seminar topic Send a related form, worksheet or article
The Missing Link: Think SMALL Seminar Newsletter Client event
Web site Organizational
membership
Roundtable Targeted advisory Client-specific
workshop Listserver Board or
committee
Staffing
Directors of Business Development Sales personnel Business Development Managers—
linked to revenue-producing units Sales support functions
BD/Sales Support Functions
Research and analysis/Competitive intelligence
Proposal writing Database/CRM Pitch assistance Coaching Training
Improving Lawyers’ Skills
Coaching: One-on-one coaching assistance
Mentors: Partner assignments Training:
Associates Partners
Peer groups
Internal Organization
Creating teams: Client teams Target or SWAT teams
Tweaking the compensation system Establishing intranet pages for
business development
Increasing Your Value to the Firm through Business Development
In the recent LMA compensation survey, those who listed “business development” as their primary function made, on average, $7,500 more than “generalists”
Assist in Preparing Proposals/ Presentations
Contact the prospective client Conduct research on the organization Talk through the strategy or pitch Put together drafts, gather up materials or
review written materials (e.g., edit, reformat)
Conduct a rehearsal/Videotape Follow up with the client Debrief the lawyers
Counsel the Professionals
Learn how business is developed for
that practice
Talk through opportunities
Ask good questions
Present ideas or initiatives
Counsel on follow up
Support the Lawyers’ Business Development Skills
Set up training programs: Preparing proposals Making presentations or pitches Contacts and networking Identifying needs/Listening skills
Set up marketing mentor programs Establish dynamic programs to get
people involved—involve, don’t educate
Identify and Follow Up with Prospects
Identify good prospects: Clients—for cross selling New business opportunities
Establish good follow-up programs: Seminar attendees Get togethers with referral sources Web site inquiries
Sample: Gap AnalysisCorporate Litigation Tax Employment Real Estate Intellectual
PropertyEstate Plan
Client A $570,000 $860,000 $60,000 $50,000 $37,000 $120,000 $25,000
Client B $1,200,000 $50,000
Client C $170,000 $30,000 $25,000 $35,000
Client D $300,000 $100,000 $30,000 $18,000 $60,000 $10,000
Contact Clients
Post mortems on projects: How did we do? What did we learn? What else can we do to help?
Client surveys Focus groups Client panels Client teams
In short…
More emphasis on: Strategy Client contact/Business development Follow up
Less emphasis on: Tactics Communications Reacting
Focusing on Business Development: 15 Ideas
Make recommendations about who attends suites, golf outings, etc.
Request and analyze the list of top clients each year
Review new client reports Learn your “product”: Attend practice
or industry group meetings, take your “clients” to lunch
Focusing on Business Development: 15 Ideas
Provide intelligence: markets, clients, opportunities, competitors (e.g., information feeds)
Track ROI and business development contacts and successes (e.g., proposals)
Put people together—be the conduit Survey your clients (the lawyers)
Focusing on Business Development: 15 Ideas
Customize proposals—no more boilerplate
Synthesize information for the lawyers
Learn how to make effective presentations
Network with marketing directors of other companies/clients
Focusing on Business Development: 15 Ideas
Engage the firm’s targets—surveys, blogs, offers, listservers, etc. (Permission Marketing)
Be active personally (e.g., civic, professional associations, network)
Learn the economics of the practice
Help one partner develop one client Be enthusiastic—it goes a long way
toward success Be realistic Start with those who are interested Start small—one target team Start with low-hanging fruit
Tips for Personal Success
Be relentless with your follow up: Lists of follow-up tasks Lists of to do’s E-mail reminders Running lists of contacts or targets
Tips for Personal Success